IPO reform ‘suspended or delayed’
Print Edition
CHINA is still “researching and discussing” the registration-based initial public offering system, Li Chao, vice chairman of the China Securities Regulatory Commission, said yesterday.
Speaking to reporters on the sidelines of the annual session of China’s national political advisory body, Li explained that the implementation of the system is a complex process because the market is very sensitive to the issue.
China’s top legislature has granted a two-year window starting from March 1 for the country’s top securities regulator to revamp the IPO system to make it easier for companies to go public.
China’s stocks plummeted in late February amid worries that the registration-based IPO system would be brought into effect soon and lead to an excessive number of new listings.
Analysts said the plan to liberalize the IPO system is unlikely to be implemented this year.
Premier Li Keqiang made no mention of it in his annual work report, which he delivered at the opening of the annual session of the National People’s Congress on Saturday.
Li explicitly mentioned the registration system in his 2014 and 2015 work reports.
“The absence of the registration system in the government report indicates that the reform may have been suspended or delayed,” said Zhang Gang, an analyst with Southwest Securities.
“However, the direction toward the registration-based IPO system doesn’t change as it was pointed out in the released draft outline of the 13th Five-Year (2016-2020) Plan.”
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